Hi,
The price was in a downtrend until it started ranging for roughly about 12 weeks, it eventually broke the support of the range with a strong Bearish move but found support again at the 2020 low of around 0.6600.
Price retraced back to the broken support of the range which should now be quite a strong resistance and made a nice rejection doji on the Daily.
On the 4HR price is forming a double top, price action on the 4HR looks to be respecting the resistance and bears are trying to push lower from this level.
I will wait to see if the 4HR will close below the neckline and then sell on the retrace with TP2 at the weekly support.
Should the price go up and close above the right top or drop to the 0.6672 (breakeven point) level without a retrace the setup will be considered invalid.
This is not a signal and any feedback would be appreciated.
Thanks
The price was in a downtrend until it started ranging for roughly about 12 weeks, it eventually broke the support of the range with a strong Bearish move but found support again at the 2020 low of around 0.6600.
Price retraced back to the broken support of the range which should now be quite a strong resistance and made a nice rejection doji on the Daily.
On the 4HR price is forming a double top, price action on the 4HR looks to be respecting the resistance and bears are trying to push lower from this level.
I will wait to see if the 4HR will close below the neckline and then sell on the retrace with TP2 at the weekly support.
Should the price go up and close above the right top or drop to the 0.6672 (breakeven point) level without a retrace the setup will be considered invalid.
This is not a signal and any feedback would be appreciated.
Thanks